Goldman Sachs infra veteran joins firm backed by basketball star

Andrew Kim ‘completes the build-out’ of the senior team at JLC, which was formed by former NBA player Magic Johnson’s investment company and is raising its inaugural infrastructure fund.

Andrew Kim, a banker with nearly 20 years of infrastructure investment experience, has left his job at Goldman Sachs to join a firm raising its first fund with the backing of former basketball star Earvin “Magic” Johnson.

Kim’s hire as a managing director for JLC Infrastructure, an investment firm formed by Magic Johnson Enterprises along with Chicago-based Loop Capital chief executive Jim Reynolds, “completes the build-out” of its senior investment team, the firm said in a statement. Kim will lead JLC’s energy infrastructure investments from New York.

Kim also led energy investments in the Americas for Goldman Sachs Infrastructure Partners, focusing on power, natural gas and regulated utilities. In 2007, he helped launch JPMorgan Asset Management’s infrastructure platform, according to a statement.

“We are very excited to have Andy join the JLC team,” the firm’s co-founder Jim Reynolds said in the statement. “His transaction and asset management experience with both Goldman Sachs’ and JPMorgan’s infrastructure funds further strengthens our investment capability as we continue to work with communities to rebuild US infrastructure.”

In February, JLC hired Robert Keough, a former senior principal at Basalt Infrastructure Partners, to head the firm’s infrastructure platform. Its senior investment team also includes Marlon Smith, who leads investments in public infrastructure, according to the statement.

The firm manages around $300 million in assets and as at August 2, 2017 had raised $303 million for its inaugural fund, JLC Infrastructure Fund I. The firm did not disclose the target size but indicated in the document that it expects fundraising to last “more than a year”. The vehicle has an investment minimum of $10 million.

Last August, JLC committed $10 million as part of the redevelopment of Terminal B at New York’s LaGuardia International Airport. It is also involved with consortiums bidding on the Denver International Airport Great Hall Terminal project and the LAX automated people mover project.

JLC declined to comment for this story.